Country’s oil import bill had gone up by over 38 per cent during first eight months (July-February) of the current financial year 2011-12 against the same period last year, as it has recorded at $9.936 billion in the period under review against the $7.185 billion of the same period last year, revealed the official figures.
According to figures released by Pakistan Bureau of Statistics (PBS), the oil import bill has gone up by 38.29 percent in one-year period. The break-up of $9.936 billion oil import revealed that country imported petroleum products worth $6.503 billion in July-February 2011-12 up by 50 percent if compare with $4.336 billion of July-February 2010-11. Meanwhile, the import petroleum crude was increased by 20.47 per cent to $3.432 billion during the period under review against $2.849 billion of corresponding period of the last year. Similarly, according to PBS data, the oil import had increased by 55.07 percent in the month of February 2012 against the same period last year.
Meanwhile, according to figures, the import of food items witnessed a decline of 2.47 per cent in one-year period and reached to $3.457 billion in July-February period of year 2011-12 against $3.545 billion in July-February period of the year 2010-11.
According to the data, import bill of milk products was increased by 7.84 per cent, wheat decreased by 100 per cent, imports of dry fruits and nuts surged by seven per cent, import of tea increased by 4.84 per cent, import of spices reduced by 11.77 per cent, soyabean oil’s imports has gone down by 7.66 per cent, palm oil import increased by over 28.36 per cent, sugar import declined by 97.91 per cent, import of pulses went down by 11.04 per cent and import of all other food items increased by 29.21 per cent during the period under review.
Apart from oil and food imports, the country imported machinery worth of $3.706 billion, transport group imports stood at $1.358 billion, textile group, $1.619 billion, agricultural and other chemicals, $4.746 billion, metal group, $1.821 billion, miscellaneous group imports recorded at $618 million and all other items imports recorded at $2.527 billion during July-February period of 2011-12 against July-February period of 2010-11.
According to PBS figures, country’s imports had increased by 16.36 per cent in one year, as it has recorded at $29.788 billion in July-February 2011-12 against $25.60 billion of July-February 2010-11. On the other side, exports country’s exports had gone down by 0.48 per cent and recorded at $15.189 billion in the first eight months of current fiscal year against the $15.263 billion of same period last year.
Therefore, the country’s trade imbalance has recorded at $14.599 billion in July-February period of ongoing fiscal year 2011-12 as compare to the $10.377 billion of July-February period of the previous financial year 2010-11 thus registering an increase of 41.23 per cent in one year.
Source: The Nation